Stocks Consolidate Following Robust Payroll Gains
  • Vote Up0Vote Down venynxvenynx
    Posts: 4,639Member
    US stocks were mixed on Friday following a stronger than expected
    payroll report. Sectors were mixed, with technology and healthcare
    rising, and energy and real estate underperforming. The dollar hit a
    fresh 2-month low on Friday, which helped buoy gold and silver prices.
    Oil prices dropped by nearly 4%, which weighed on energy shares. The US
    election results moved closer to declaring a winner, as Vice President
    Biden took the lead in Pennsylvania, Nevada, and Georgia. President
    Trump was quiet on Friday but did a press conference on Thursday where
    he accused the system of fraud and said that the Democrats were
    attempting to steal the election from him. The VIX volatility index,
    which measures volatility on the “at the money” strike prices on the
    S&P 500 index, dropped 33% for the week, settling near 25.To get
    more news about WikiFX, you can visit official website.
      Payrolls Rise More than Expected

      US nonfarm payrolls increased by 638,000 according to the Labor
    Department. This is compared to a 530,000 increase expected. The
    unemployment rate was at 6.9%, compared to expectations that it would be
    edged down to 7.7%. The September level of 7.9% was unchanged. The
    decline in the unemployment rate came despite an uptick in the labor
    force participation rate that rose 0.3 percentage points to 61.7%. An
    alternative measure that includes discouraged workers and those holding
    part-time jobs for economic reasons also fell, to 12.1% from 12.8% a
    month ago.


      The Household survey showed a robust 2.24 million increase in
    payrolls. Octobers gains would have been even better if not for the loss
    of 147,000 Census workers that contributed to an overall fall of
    268,000 in government jobs. The biggest job gains came in the
    hardest-hit sector during the pandemic, as leisure and hospitality
    jumped by 271,000. Of that total, bars and restaurants increased

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